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Scripps Upgraded to Buy; Shares Soar

NEW YORK ( TheStreet) -- Shares of Scripps Networks (SNI - Get Report) have advanced following an upgrade to buy from neutral by UBS (UBS - Get Report).

Scripps stocks has shot up 4.7% to $45.80 in midday trading.

UBS analyst Michael Morris wrote, in a note to clients, that analyst estimates "significantly underestimate the earnings power of affiliate fee increases and ad growth driven by higher ratings at Food Network and HGTV," according to the Associated Press.

Morris has raised his share price target for Scripps to $52 from $39 and foresees a profit of $2.44 per share in 2010, higher the $2.01 per share figure derived from a Thomson Reuters poll of analysts.

Other related companies are trading in mixed territory. Discovery (DISCA - Get Report) has slid 0.6% to $32.60, while Liberty Media (LINTA) has added 1.4% to $11.70. Outdoor Channel (OUTD) has fallen by 1% to $5.50.

-- Reported by Andrea Tse in New York

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DISCA $27.74 4.32%
LINTA $28.18 0.75%
SNI $63.06 3.24%
UBS $15.60 -0.57%
AAPL $93.24 -0.41%


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